Mortgage Rates Drop to 16-Month Low After Disappointing Jobs Report

Published on August 2, 2024

The two most popular mortgage rates in the United States have fallen to their lowest levels in over a year as a weak jobs report sent U.S. Treasury yields falling. The benchmark 30-year fixed-rate mortgage, the most popular type of home loan, fell to 6.4 percent on Aug. 2, according to the MND Index, which tracks real-time changes in actual lender rates across America. This is the lowest level since April 13, 2023, when the 30-year fixed stood at 6.39 percent. The rate on the second-most popular mortgage in America, the 15-year fixed, fell to 5.89 percent on Friday, per the MND Index. The last time the rate was close to this level was on May 12, 2023, when it was 5.95 percent....

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